Bergen County Real Estate News: May 2006 – Week 2

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Highest, Lowest and Median Prices of Homes in Bergen County
Technologies are born in Tenafly 
Bergen County Housing Boom Cools Down
Housing Statistics 
Housing way-of-life changes 

Highest, Lowest and Median Prices of Homes in Bergen County

Highest and median prices of homes in Norwood, Cresskill and Englewood have been compared for statistics recorded in April 2006. Figures reveal that the lowest priced home for sale in Norwood is at $449,000. In sheer contrast, the highest selling property price stands at $2,850, 000. The average listing price is however $1,069,664. In the area of Cresskill, the lowest priced house is at $415,000. The highest price of property is at $6,295,000 while the average listing price is $1706709. Elsewhere, in Englewood Cliff, the lowest house price is $699000, while the highest property price is at $5500000. The average listing price is $2,148,513.

Technologies are born in Tenafly

TVersity Inc., a pioneer in Internet technologies, will now bring more for residents of the town of Tenafly, its native town, and the rest of the world. This privately held company has pioneered in bridging Internet content with televisions and mobile devices, and will now expand support for audio and video podcasts and for media RSS feeds by Flickr, Webjay, Google video, Yahoo! video and others. It may also expand further to allow access to Internet and home media from a wide range of mobile devices including PDAs, cellular phones and mobile game consoles. 

Bergen County Housing Boom Cools Down

The housing market in Cresskill and parts of New Jersey is fast becoming difficult to manage. The market seems to be coming to a steady state after it peaked in the years 2004 and 2005. Now buyers are cautious and are not as willing to bid up prices. Vacant land has also become scarce and the environmental regulations are making it tougher to build on available land. Builders in most parts like Cresskill, Demarest and Dumont are however trying to boost their businesses by focusing on housing for senior citizens, or by taking up redevelopment activities in former industrial zones in urban areas.

Housing Statistics

While the housing market is cooling down, statistics show both the positive picture and the other one. As per reports by the Commerce Department, sales of new single-family homes rose 13.8 percent in March 2006 from a slow paced month of February. While this may come as good news to many, builders are not very sure. The National Association of Home Builders reported an all-time slowdown in builder’s confidence in the market since November 2001. This has mainly occurred because of rising mortgage rates, the accumulation of unsold homes and falling demand from investors. With stricter regulations, less vacant space and much housing demand, redevelopments are the word of the hour. It was seen that last year alone, over 50% of housing work in New Jersey was related to redevelopment only.

Housing way-of-life changes

While many people are interested in housing projects, the way people want to live is fast changing. Trends in parts of Bergen County reveal that today many buyers of homes want to stay close to their children and grandchildren and buy homes in nearby areas. This is the main reason why 70 age-restricted luxury homes are coming up in Cresskill. Builders also note that while the demand for housing continues to be high, buyers are cautious due to the rising cost of land. Trends show a growth in urban developments, which are noted to keep residents well connected to the neighborhood, shops, schools, hospitals, offices and mass transits. Traditional suburban developers like Hovnanian Enterprises of Red Bank, are entering urban development with projects in Edgewater, Jersey City and West New York. However with a decrease in space, environmental regulations and eagerness of state officials to cut down traffic, building homes at the places they are required is becoming increasingly tough. Most homes are now being redeveloped.

Your New Home in Bergen County Awaits

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